Morning update for 15 February 2021

Previous closing (12 February 2021)

Nifty50: 15,163 ▼10 (-0.0%)

Sensex: 51,544 ▲ 12 (+0.0%)

Nifty Bank: 36,108 ▲356 (+1.0%)

In the news

ONGC's posts a weak Q3

• While crude oil prices are rising at the moment, they are still lower than what they were in Q3 of last fiscal. For ONGC, the per-unit realization for crude oil and gas were 25% and 45% lower on YoY basis, respectively. 
• Its standalone profit was down 67% YoY to ₹1,378 crore and revenues stood at ₹17,024 crore, down 28%. Last week, its shares fell 0.6%. However, they are up nearly 10% this month. 

IRFC announces strong quarter plus dividend

• The recently listed Indian Railway Finance Corporation emerged strong in Q3, reporting a 15% YoY growth in net profit to ₹1,046 crore. Its revenue from operations at ₹3,932 crore rose 8% during the same period.
• After a tepid listing, the company has declared a dividend of ₹1.05 per share. The share still trades below its issue price of ₹26, and closed flat on Friday.

Sunteck sees improved demand in Q3

• The Mumbai-based realty developer posted revenues of ₹205 crore up 20% YoY. However, the company’s net profit contracted 12% to ₹22 crore during the same period. Sequentially, however, net profit rose 59%. 
• The company saw improved demand across completed and new projects in Q3. The stock closed 1.8% lower on Friday, but has gained nearly 186% this month.  

Inflation and IIP show improvement

• The retail inflation eased to 4.06% in January versus 4.59% in December, mainly due to moderation in food inflation. The street had forecasted 4.45% for January. 
• Meanwhile, the IIP, which indicates industrial activity in the economy, rose 1% in December (versus a contraction of 2.1% in November). The numbers are higher than the street’s forecast of a 0.2% decline. The improvement was driven mainly by growth in manufacturing and electricity.

Events of the week

• Monday: Wholesale Inflation (India)
• Wednesday: Retail sales (US)
• Thursday: Crude oil inventories, Initial jobless claims (US)

Sectoral indices (Previous closing)

Global markets (at 8:30 am today)

Fact of the day

Nokia was once famous as a manufacturer of toilet paper and car tyres.
Source: Wired

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